Key Concepts in Probability and Decision Making
Key Concepts in Probability and Statistics
Random Variable
A random variable is a numeric description of the outcome of an experiment.
Discrete Random Variable
A discrete random variable is a random variable that may assume only a finite or infinite sequence of values.
Continuous Random Variable
A continuous random variable is a random variable that may assume any value in an interval or collection of intervals.
Probability Function
A probability function, denoted f(x), provides the probability that a discrete
Key Statistical Concepts and Data Visualization
Key Statistical Definitions
- Independence: The random choice of each individual in the sample is not influenced by which other individuals are chosen.
- Sample of Convenience: Samples chosen because they are easily available.
- Haphazard Sampling: Samples you hope you chose randomly.
- Volunteer Bias: Choosing individuals that are more easily available than others.
- Accuracy: How close the average estimate from many studies is to the parameter.
- Precision: How spread out repeated estimates are from their average.